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The pair has been depreciating for the past 2 months or so, therefore the formation of a channel down pattern did not come as much of a surprise. Pair has been developing in the ranks of the pattern in the whole length of it (101-bars). Medium term technicals point at depreciation of the pair suggesting it should maintain bearish trend. It also signals that the pair might start depreciating before hitting the pattern's resistance. However, before the pattern's resistance and 20-day SMA areas there is no significant resistances that could cause trouble for the pair.
© Dukascopy Bank SA